Brands can retain customers through enhanced engagement.
This article quotes tech investor Andrew Chen saying that monthly customer churn should be below 5%. The author recommends brands should understand and track customer interaction with their products to reduce churn-rate and spur growth.
Brands can interact with customers through onboarding emails and push notifications once they have signed up. Keeping in touch can help in avoiding customers dropping out in the initial stages. Sending personalised messages which are informed by data can add further value to the customers’ product experience and lead to higher engagement.
Brands should follow-up increased customer engagement by sending product updates and personalised insights. Personalised messages can help brands not only lower the long-term churn, but also build trust among consumers and help customers experience value.
[7 minute read]